The Daily Dab: A Quick Hit On Cannabis Stocks 02/14/14
A “joint” statement from the Department of Justice and the Financial Crimes Enforcement Network, a part of the Dpartment of Treasury, lit a fire in the cannabis sector on what was shaping up to be an uneventful pre-holiday trading session. Shares soared following the Valentine’s Day gift in the final two hours, and volume expanded though, not surprisingly, was below the elevated levels of late. The stocks with the highest relative volume were again those that rallied the most, while only one of the declining stocks saw a jump in volume. There were 14 double-digit percentage gainers and just 1 double-digit percentage loser. The majority of the stocks rallied, but only 29% of the stocks had volume above the 30-day average, with 9 stocks trading over $5mm in value.
CannabisSativa (CBDS) bounced back from recent losses, with volume expanding. Tranzbyte (ERBB) reached a new high as volume expanded though was below the recent average. Advanced Cannabis Solutions (CANN) jumped sharply, breaking out of a tight trading range over the past two weeks. Medbox (MDBX) bounced back on strong volume, halting an almost 50% decline over the past month. Israeli seed company BreedIT (BRDT) broke to a new high on very strong volume.
Creative Edge Nutrition (FITX) retreated again as volume increased but remained below recent levels. The company will be holding an Open House next Friday and Saturday. FusionPharm (FSPM) was the only declining stock to trade above average volume. GW Pharma (GWPH) edged lower again.
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Source: http://ab.typepad.com/ab_analytical_services/2014/02/the-daily-dab-a-quick-hit-on-cannabis-stocks-021414.html
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